Cheesehead
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We are two years out from retiring and DW wants to double check that we are on track and wants us to see a CFP in the Chicago area, affirm our AA. We've also seen our Fidelity rep, CPA and the teachers pension consultant. We had met a very competent CFP last year but he won't do hourly, he only wants clients who accept his "plan" and meet regularly. So...
I see a lot of CFP advisors around but how do you find one who is a true fiduciary, who has no interest to sell anything and has the Monte Carlo calculator? Here's what the Wall Street Journal says about fiduciaries:
"The planner has pledged to act in a client’s best interests at all times. Investment professionals who aren’t fiduciaries are often held to a lesser standard, the so-called sustainability standard. That means that anything they sell you merely has to be suitable for you, not necessarily ideal or in your best interest. This point is critical, and should be a deal breaker if a prospective planner is not a fiduciary."
So is acting as a fiduciary, does that mean they have to sign a separate paper saying they will act as our fiduciary? Aren't they already acting as one if I say I will not be buying anything from them? Lastly, Fidelity's calculator is very sophisticated running various scenarios, including me dying at various points. Doe the typical CFP have the same level of calculator?
Thanks for your advice.
I see a lot of CFP advisors around but how do you find one who is a true fiduciary, who has no interest to sell anything and has the Monte Carlo calculator? Here's what the Wall Street Journal says about fiduciaries:
"The planner has pledged to act in a client’s best interests at all times. Investment professionals who aren’t fiduciaries are often held to a lesser standard, the so-called sustainability standard. That means that anything they sell you merely has to be suitable for you, not necessarily ideal or in your best interest. This point is critical, and should be a deal breaker if a prospective planner is not a fiduciary."
So is acting as a fiduciary, does that mean they have to sign a separate paper saying they will act as our fiduciary? Aren't they already acting as one if I say I will not be buying anything from them? Lastly, Fidelity's calculator is very sophisticated running various scenarios, including me dying at various points. Doe the typical CFP have the same level of calculator?
Thanks for your advice.